(b) The Documents have been duly authorized, executed and delivered by Lessee and constitute
valid, legal and binding agreements, enforceable in accordance with their terms, except to the
extent that the enforcement of remedies may be limited under applicable bankruptcy, insolvency or
creditors’ rights generally laws and principles of equity.

     (c) No approval, consent or withholding of objections is required from any governmental
authority or entity with respect to the entry into or performance by Lessee of the Documents except
such as have already been obtained.

     (d) The entry into and performance by Lessee of the Documents will not: (i) violate any
judgment, order, law or regulation applicable to Lessee or any provision of Lessee’s Certificate of
Formation or Operating Agreement; or (ii) result in any breach of, constitute a default under or
result in the creation of any lien, charge, security interest or other encumbrance upon any
Aircraft pursuant to any indenture, mortgage, deed of trust, bank loan or credit agreement (other
than this Lease) to which Lessee is a party.

     (e) There are no suits or proceedings pending or threatened in court or before any commission,
board or other administrative agency against or affecting Lessee, which will have a material
adverse effect on the ability of Lessee to fulfill its obligations under this Lease.

     (f) The financial statements contained in Guarantor’s report on Form 10-K for fiscal year
ended March 31, 2005 delivered to Lessor has been prepared in accordance with generally accepted
accounting principles consistently applied, and since March 31, 2005, there has been no material
adverse change.

B. Lessee hereby: